Drug Marketing Company Headed for One Grand Central Place



Precision Media Group, a pharmaceutical company based in Bethesda, Md., has signed a deal to relocate one of its subsidiaries to One Grand Central Place.

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The marketing subsidiary of the company, Precision for Value, will move into 17,942 square feet at the Empire State Realty Trust-owned building between Park and Madison Avenues, according to a press release from the tenant’s representative, Cushman & Wakefield. Precision for Value will move to newly built space on the 13th floor of the 55-story building, which has an official address of 60 East 42nd Street.

Precision for Value currently leases three floors five blocks away at 9 East 37th Street between Madison and Fifth Avenues, according to The Wall Street Journal, which first reported news of the deal.

C&W declined to provide the length of the lease, but indicated that asking rent in the deal was between $57 and $62 per square foot. Stephen Bellwood and Nicola Heryet of C&W represented Precision for Value, while Ryan KassJulie Christiano and Lindsay Godard of ESRT and William Cohen of Newmark Grubb Knight Frank represented ESRT. A spokeswoman for the landlord did not immediately return a request for comment.    

“After a thorough process, the firm chose One Grand Central Place for several reasons [including] because it afforded the company the opportunity to expand its tenancy across one floor,” Mr. Bellwood said in prepared remarks.